I would disagree with this point as fundamental analysis is more important than most people on here would think in my opinion. Regarding your main text - if you personally know analysts that have had difficulties getting in that way then fair enough.
I have nothing against fundamental analysis - I think having a solid macro view is essential for trading. But as a junior analyst you are pouring over spreadsheets all day. In my opinion that does little to offer insight to the world of trading.
as en employer in the business i will agree, it is hard getting noticed. most firms are looking for experience, but how to get in the door. i would recommend attending industry trade shows, networking is key. for example i know an ex colleague who got a job after attending the bloomberg industry drinks.
There are many websites that specialise in the trading industry; Cityjobs and Junior Broker are both fairly good. The other thing to consider is an internship, I have seen this a lot in the city, it would obviously be unpaid initially but there is potential for a permanent job to arise as a result of completing an internship successfully and professionally.
Maybe also consider friends and family, do you have a friend whose father works in the industry, or even a friend of a friend. Linkedin is good for networking, you can also search for jobs by industry, then try connecting with people that are in a field of work that interests you, I regularly get requests from people I have never heard of, it’s worth accepting them and also making the requests yourself, you never know who you may end up connecting with, your future boss…….?
My recommendation....having tried it...is to 1) trade relatively small on an MT4 account for 3 months and prove you have a good risk/reward return, drawdowns are not significant and of course you make an overall profit ; 2) Contact some of the companies that offer you funds to trade on their behalf of which there are many (but they need to see successful trading per step 1); 3) Trade on their behalf for a further 3 months...they will usually give you £1k or so to trade with a good profit share ratio and 4) After this period, they will scale up and you will have a good track record then to take to other such firms. This way you may not be directly working for a firm but you are then as good as a proprietary trader. Feel free to PM me if needed.
Are there any real prop firms in futures/FX anymore? Every place I've applied to goes through interviews and orientations then sneaks in a "btw we need $5K" fee. I trade prop for an equity firm, and have been utilizing the same strategy in futures and FX. Would like to find a firm that isn't some off shore deposit $5K to cover losses but we still take profit split kinda firm.
Hey porph. No as I said, due to my job I was on and off day trading, well spread betting really, so I never really got into it. Now that I'm free again I've just been revisting the basics and back to paper trading for a while. My university isn't a top target university but it is in the Russell Group and I study Economics and did various financial modules which really made me interested in finance (wish I had studied that instead).
Like I said, I want to become a trader because I enjoy it, not for the money although that of course would most definitely be a bonus! If I could, I would trade my own account and maybe get some others interested to invest some capital in me!!! =D (realistic?!) I enjoy trading and after working in a Big Four I can pretty much read and (prepare if I wanted to - with lots of mistakes!!!) a b/s or p&l of a company, however I'm more interested in the technical side of it as opposed to the fundamentals. Coming from an Economics background I would say I had a solid understanding of fundamental analysis (I'm on an average of 80% so well on course for a 1sts), but it's really the technical analysis that I enjoy most - the understanding and psychology of the market.
At the moment I would say I know enough not to fluke a good trade, but not enough to understand a bad one! Haha.
BTW you said you're training for a CIMA and work 9-5?! Haha, what firm is that with?!?! I was working alongside ACA trainees doing the same roles and it was anything BUT 9-5!!! It was more 8-8 some days!!! Lol.
Same doubt as fxzarada, the idea to start with a trading firm to get experienced is good, but if you are in a different career and manage to get the required knowledge and experience on your own to be profitable, why would you want to work for a firm instead?
1. Get passionate
Love the markets. Learn everything you can about them and develop a heartfelt passion for them.
2. Get educated
This is particularly important if you want to get a job with the likes of Goldman Sachs. A first class honors degree in the right subject(s) from a top flight university is no longer desirable - it's essential. If your student days are behind you, consider an Open University course.
3. Get experience
Don’t worry if you don’t have a large account, that’s unimportant. Spread betting at £0.10p a point is far better than no experience at all. Demonstrating that you understand how the markets function and have developed a methodology to trade them is what counts.
4. Get profitable
Providing a verifiable track record of consistent profitability over a reasonable period of time will separate you from well over 90% of all other candidates. If you are in this enviable position, be sure to mention this first at the top of your CV. It’s almost more important than your name and contact details!
The Long Answer expands on these key points and offers suggestions based on the perspectives of three very different applicants, separated by age and experience. The Youngster is at school or starting uni’ and has decided that trading is where their future lies. The Career Changer is under 40 and wants to jump ship, while The Old Timer is in much the same boat but over 40.